tv Special Report With Bret Baier FOX News April 20, 2010 6:00pm-7:00pm EDT
principles of non-violence. you do not want to miss tomorrow's show. don't miss it. from new york. from new york. good night, america. captioned by closed captioning services, inc >> bret: next on "special report," alarming word that iran may be able to hit u.s. with missile by middle of the decade. white house uses a carrot and stick approach of financial reform. and the supreme court says constitution protects images of cruelty. live from the studio in washington, this is "fox report." good evening, i'm bret baier. the potential threat that a nuclear iran could pose is hitting home tonight. white house correspondent mike emanuel reports from the pentagon. there is new information that iran could have the ability to attack the u.s. within a few years. >> reporter: iran continues developing the ballistic missile technology and could hit the united states in five years, according to a pentagon annual report to congress. the unclassified version on the military power of iran
says, "with sufficient foreign assistance, iran could probably develop and test an intercontinental ballistic missile capable of reaching the united states by 2015." but with the u.s. saying it will not have a missile defense system capable of protecting europe until 2018, one expert says the obama administration has wasted valuable time. >> the bush administration was going to put a third site in western europe. which the administration would have said would have been in place by 2013. but which essentially would have accomplished everything this administration says is going to happen almost half a decade later. >> reporter: still, as the iranians continuing showing off their military might, another expert says perfecting technology may take time for iranians and the u.s. missile defense. >> we haven't seen a technology that would have been deployable prior to 2018. and the administration is hoping to have an interim capability before that date.
>> reporter: on iraq, the report says iran continues to provide money, weapons and training to select iraqi shia militants and terrorists, despite pledges by senior iranian officials to stop such. in afghanistan, the report says iran is covertly supporting insurgent and political opposition groups and the large weapon cache of manufacturered weapons have been uncovered recently, something that got the attention of the commanders there. >> as we fight the enemy, the enemy has weapons, you see it, you read about it, they shoot at us with the bullets and they shoot at us with the r.p.g.s, and shoot us with all types of weapons. >> he calls that support for the enemy troubling. >> any country that supports the insurgents is a threat. it doesn't matter what they might be providing, is it a threat. >> support by the iranian regime led some to conclude iran is actively in engaged in a proxy war between the united states and the allies,
iraq and afghanistan. at the same time, iran is actively engaged in developing the capabilities to do more than that here in the united states. bret? >> bret: mike emanuel, live at the pentagon tonight. mike, thanks. the other world news, lebanon's prime minister is denying israeli allegations that the terror group hezbollah obtained scud missiles. hariri compared the claim to u.s. charges that iraq had weapons of mass destruction. syria denied giving hezbollah the missiles and hezbollah is not confirming or denying having them. about half of the scheduled flights in europe were supposed to take off today. as the ash plume appeared to be shrinking. planes flew out of paris, england, northern england. air space over london and germany remained officially closed. scientists are concerned a larger eruption could be coming from another volcano in iceland. president obama goes to wall street thursday to lay out
what the white house calls the rules of the road for new financial regulation. that is just half of the battle in getting a bill passed in the senate. senior white house correspondent major garrett look at the two-tiered approach the administration is using to get more people in the tent. >> reporter: in meeting with congress or fundraising speeches, president obama calls for a new sheriff on wall street. >> we have a situation where people are allowed to take wild risks and all the downsides are socialized, even as the profits are privatized. then something is going to have to change. >> reporter: at the white house's behest, the democratic national committee cut the new tv ad. >> now republicans are working with wall street lobbyists to block reform. >> reporter: but even before there is a new sheriff, there is always a good cop, treasury secretary tim geithner and a bad cop, mr. obama. the president used his saturday radio address typically partisanship free environment to rhetorically rough up the senate
republican leader mitch mcconnell. >> the lead over the senate republicans and the chair of the republican senate campaign committee met with two dozen top wall street executives to talk about how to block progress on this issue. >> reporter: mcconnell took note and reminded the white house it opposes a $50 billion liquidation fund democrats are pushing but may well jettison. >> the president criticized me in his weekly radio address even as his deputies worked to strip the very provision i called in question a few days before. well, they can't have it both ways. >> reporter: meanwhile, geithner works the hill meeting with republicans on a near constant basis by partisan negotiations start today amid geithner predictions of an imminent breakthrough. geithner knows the wall street influence story cuts both ways. take goldman sachs, the powerhouse firm now accused by the securities and exchange commission of fraud. geithner's chief of staff mark patterson was goldman lobbyist until spring of 2008. is the white house nervous? >> i don't know that what the
s.e.c. alleges, any of those people. i think the s.e.c. was pretty clear in naming in that suit who was involve. >> reporter: this sunday, white house chief of staff rahm emanuel attended a dinner party with the top white house figures, with goldman director and obama found reyeser david heller. the latest in this, white house counsel greg craig agreed to defend goldman. an awkward situation in which the white house refuses to comment. candidate obama accepted $990,000 from goldman employees or family members, making goldman the second largest institutional donor to his white house campaign. goldman is pouring money in the mid-term election cycle, $700,000 so far and 70% received by democrats. harry reid received $4,900 from goldman. he refused to answer reporters' questions today as to whether he would give the donation back. of the top ten recipients of the goldman cash so far this
election cycle, eight are democrats. >> bret: story that we'll likely hear more of. major, thanks. there are some questions about the timing of the s.e.c. announcement of its action against goldman sachs. fox business network correspondent peter barnes is here with that part of the story. good evening. >> good evening, bret. that's right. there are some lawmakers and financial industry officials raising new questions about the timing of the administration's lawsuit against goldman sachs. as you recall on friday, the securities and exchange commission charged goldman with fraud in the sale of $2 billion in securities. investors lost $1 billion on the deal. overshadowed by the headline on goldman was a damning report about the s.e.c. released friday hours after the agency filed suit against goldman. it was from the agency's inspector general. the on the s.e.c. botched investigation into robert alan stanford. after more than a decade of examinations, the s.e.c. last year finally charged stanford with running a ponzi scheme that cost investors $8
billion. eight times more in losses than in the goldman case. now some lawmakers want to know if the s.e.c. filed suit against goldman on friday in part to bury the i.g.'s critical report on the stanford case which it got on march 31. >> we will be looking into the question why did the s.e.c. file during the day and on the same day, a scathing i.g. report comes out that very much says the s.e.c. is not going their job but rather going after exactly things like goldman sachs. >> reporter: s.e.c. chairman sh mary schapiro responded. >> you get fired up over these. >> i do get fired up. this is amazing. a lot at stake for taxpayers. >> bret: we'll follow it.
thank you, peter. stocks were up today. the dow gained 25. the s&p 500 rose 9 2/3. the nasdaq finished ahead 20 1/5. do you think you have the right to a vacation? to have someone else pay for it? we talk about that in the grapevine. up next, is this a form of protected speech? those are pit bulls. the supreme court weighs in. smart...you're staying at this resort for free? how?
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>> bret: testimony began today in tennessee for the man accused of hacking into sarah palin's e-mail account during the 2008 campaign. 22 dwrooifldwrooifl 22-year-old david kernell faces 50 years if convicted of all charges. palin says she will appear as a prosecution witness in that trial. another case with major implications when it comes to free speech was decide today. correspondent shannon bream
tells us what the supreme court ground-breaking ruling means for the first amendment. some of the images in her report may be disturbing. >> reporter: until today, fall law made it illegal to possess, sell or deprohibit pictures of animal cruelty in purpose of profiting from them. but the supreme court struck down the law saying it went too far restricting free speech. john roberts said -- >> well, the first amendment protects not simply popular speech. indeed, you don't need the first amendment to protect that. you need it to protect unpopular speech and activity. and indeed, this goes right up close to the line. >> reporter: justice alito, the lone dissenter felt the line was cropped writing --
>> reporter: while the underlying comment in this is illegal nationwide, but animal rights groups worry decriminalizing the sale of imma'ams of those events means there is still a demand for them. >> we wouldn't let people commit murder for purpose of selling video and showing it on the internet for money and we should don't the same for animals either. >> reporter: sportsman organization are among those lauding the opinion, saying they were fearful in engaging in lawful hunting activity but risking criminal hardship if they report it for commercials or dvds. they said the only thing standing between the group and five years in jail at this point may have been nothing more than a merciful prosecutor. bret? >> bret: thank you. the senate homeland security committee is using the force of law to compel theous to reveal important details
concerning last november fort hood shooting. they tell us what the lawmakers want and why the administration is resisting. >> they are the first congressional subpoena of the obama administration. >> we have been stymied by the administration. >> they said the defense and justice department is blocking access to witnesses and files. >> we have maintained the confidentality of the classified information coming before us. >> reporter: senators want access to personnel file of the alleged shooter hasan to see if there was evidence shoved aside by his bosses he was insider threat because of the extremist views and then there are the e-mails sent by cleric anwar al-awlaki described by u.s. counterterrorism officials as a talent spotter
for al-qaeda. >> congress must understand the example of home based terrorism to find ways to prevent it from occurring in the future. >> reporter: fox news learned al-awlaki was spiritual advisor to two of the 9/11 hijackers and believed to be a link between the christmas day bomber and the bomb maker in yemen. friday, the justice department publicly released dozens of c.i.a. e-mails part of an ongoing investigation in the destruction of videotapes which showed waterboarding. in a statement, the defense department said it could not release a fort hood file to the senators because it might jeopardize the ongoing prosecution of major hasan, something the senators dispute. >> senator collins and i have no intention of jeopardizing the criminal case. >> reporter: whether the justice and defense department are being
transparent. >> i urge them to call and seek answer to your question. >> they have until today to provide materials if they don't comply with the subpoena. the committee and full senate would have to vote to enforce them. there are a number of avenues open to committee if necessary. >> bret: thank you. homeland security secretary janet napolitano tells fox news the christmas day bombing attempt has not hurt the obama administration standing with the public and will not effect, she says, democrats in this fall's mid-term elections. he was asked if other attempts have been foiled since then. >> it is always difficult to talk about what you deterred and what is prevented. we know that everyone is looking forward. >> bret: she later add nod one has been taken in custody for trying to launch an attack since the christmas day incident. we will take a closer look at the indiana senate race after
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>> bret: in america's election headquarters tonight, there are two contrasting senate races in indiana. the democratic nominee is all but decided. however, correspondent steve brown explains the g.o.p. contest is a very different story. >> reporter: between the five hoosier republican senates candidates played out for weeks. >> i jokingly told them one of these days we ought to give each other's speeches to see how well we learned them. >> reporter: what the jockeying produced is conservative split of the indiana republican vote. candidate getting a lot of attention lately is 33-year-old state lawmaker marlon substitutesman who talks during stute -- marlon
stuttsman. he picked off the endorsement of jim demint who has become a king maker in the conservative movement. >> i need help in washington. >> he helps him with campaign cash. the conservative fund cash has helped them raise cash. stutzman organization is low on money, though today it went on the air with the first tv ad. with polling numbers scarce here, knowing which republican leads the primary field with any degree of certainty borders offen e impossible. thin majority of those willing to hazard a guess are willing to say it's dan coats. largely because the former senator still holds lead in a couple of important categories -- name identification and campaign cash. he has already been on the air with tv ads and yesterday added a radio spot voiced by
dr. james dobson from focus on the family hoping to lure conservatives to his camp. in state tea party groups flourish, john hoestletlr is endorsed by ron paul. whoever the senate primary winner is, awaiting -- >> i'm confident. >> -- is democrat brad elsberg. he has close ties to the current seat holder evan bayh. that is good, better for elsworth is he has $1 million in the campaign war chest and continues to collect more while preparing for the general election campaign. in indianapolis, steve brown, fox news. >> bret: former florida house speaker marco rubio has picked up another high caliber endorsement in the florida republican senate primary race. house minority whipper rick cantor says rubio is principled and can be trusted. cantor bashed republican governor charlie crist for considering a run as an independent. charlie crist is trailing rubio by 20 points in the latest poll.
for his take on that senate race, here is senior political analyst brit hume. good evening. >> hi, bret. three weeks ago on "fox news sunday" our colleague chris wallace pressed florida governor crist whether he might run as an independent for the senate. he said no. would he rule it out? that's right, the governor answered. i'm running as a republican. he is the moderate that the republican party is frequently accused of refusing to control rarefuse ing to tolerate. at the time, charlie crist hugged the president and endorsed the stimulus bill was 10 points down in the g.o.p. polls to rising star marco rubio. he spent much of the "fox news sunday" appearance where he debated rubio attacking his rival for alleged financial improprieties. asked about what he would do the social security, rubio mentioned hard choizs like raising retirement age and curbing cost of living increases. charlie crist said he would attack waste and fraud, things the social security program is not known.
last week, he vetoed a bill to condition teacher pay in state on improvement. labor led by the teacher union sharply opposed the bill. this morning, rubio's average lead among republicans grown to 23 points. charlie crist who ruled it out last month said he's thinking of running as an independent. which raises a question, have the republicans abandoned charlie crist or as he abandoned them? >> bret: in your opinion, what happens if he does run as an independent? >> well, one thing he is looking at is the current poll out that shows he would actually be ahead as an independent if he became one. over time, the lead would fade so might not win. but he might take enough votes away from rubio that the longshot democrat in race kendrick meeks might win.
>> bret: we'll be watching. thank you. the latest effort to give residents in washington, d.c. representation in congress has fizzled. house majority leader steny hoyer says he is profoundly disappointed that the price is too high. the district non-voting delegate of the house, democrat holmes-norton cited republican evident to attach gun owner right legislation to this bill. we will look at the fuss in hoosier land over using outsiders in a political campaign. plus, it's obvious we all need food and water to survive. but what about vacations? ñyyu> we're with you when you're saving for your dreams.
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>> bret: and now some fresh pickings from the political grapevine. california republican congressman darrell issa says his effort to get the truth behind pennsylvania democrat joe sestak's claim that the white house offered him a job to get him to abandon his senate bid will not end once the primary election is over next month. sestak is running against incumbent arlen specter, whom the administration favors. issa said, "i think a felony is something you don't let go of just because an election has occurred." issa also says he will soon ask attorney general eric holder to appoint a special prosecutor to look into the matter. indiana republican congressman dan burden latest tv ad includes testimonials
from people talking about why they support him. >> lots of people say they're conservative, but dan burton has been a consistent conservative voice for us. >> i'm dan burton and i approve this message. >> bret: g.o.p. challenger luke messer says the testimonials are not from actual hoosiers. but are paid actors from columbus, ohio. burton's office acknowledges actors were used but maintains the message is representative of constituent opinion. when asked why the ad didn't use actual hoosiers, his spokesman said it was a production issue. new jersey republican governor chrischristie wants the "associated press" proretract the story that nearly twice as many of his staff members are making more than $100,000 than in democrat jon corzine's administration. we brought you the story on the grapevine last night. christie's office says corzine shuffled staff members around to make it look like fewer people were
on his payroll. corzine's office did not respond to that claim. finally, one european union leader thinks vacation is not a luxury, but a necessity. the e.u. commissioner antonio dejani says traveling is a human right and wants to use taxpayer dollars to help subsidize trips for those who cannot afford it. the plan would see taxpayers footing part of the holiday tab for seniors, young people ages 18 to 25, disabled people and families facing, "difficult social, financial or personal circumstances." when asked why he robbed banks, legendary thief sutton said, "because that's where the money is." so it may not come as a surprise that the i.r.s. has launch ad campaign targeting law-breakers with a lot of money. chief washington correspondent jim angle is tracking your taxes tonight. >> reporter: the
u.s. government is in the midst of a major offensive against wealthy taxpayers hiding income overseas to avoid taxes. >> there is a lot of people that apparently have a lot of money but a low i.q. who thought they could actually hide this money from the i.r.s. and not end up paying income tax on it. >> reporter: some 19,000 americans were hiding taxable assets in the swiss bank u.b.s. with the encouragement and assistance of the bank, itself. u.b.s. is now cooperating and paid whopping $780 million fine to avoid prosecution. >> it's amazing, actually, the i.r.s. hadn't come across this before. we have a tax gap of over $300 billion a year. that is the difference between what the i.r.s. estimates should have been paid and what was not paid through the u.s. tax system. >> reporter: bradley berkenfeld, american system who worked at u.b.s. voluntarily gave documents that alerted the the tows what authorities called a scheme to defraud the united
states by impeding the i.r.s. department of justice documents went on to say swiss bankers made 3800 trips to the u.s. to market swiss bank secrecy to united states clients interested if attempting to evade the united states income taxes. which prompted the i.r.s. to establish a new unit. >> we have a new global high wealth operating unit, where we are taking a unified look at the entire web of business and economic entity controlled by high wealth individuals. >> i think the attitude is there is gold in them there hills. >> made easier when u.b.s. agreed to turn over the nameses of u.s. citizens who have assets at the bank. >> it was a $20 billion program. 19,000 american taxpayers. i use the word loosely because they were not taxpayers, but theoretically should have been taxpayers. >> reporter: the i.r.s. offered amnesty for those who came forward voluntarily and some 15,000 americans did so
to avoid prosecution. bradley burkenfeld at american working for u.b.s. was the original source of all the information about americans evading taxes. ironically, he is serving 40 months in jail for his evidents. ep though he exposed -- even though he exposed the whole matter. his lawyers just asked president obama for clemency. bret? >> bret: okay, jim. thanks. the space shuttle discovery touched down this morning in florida. that wrapped up the next to last mission for the fleet's oldest surviving ship. it will go up one more time in september, one of three more shuttle flights before the program ends. speaking of things that fly, speculation that iran might have a missile capable of hitting the u.s. within five years. we will talk about the new defense department report with the fox all-stars when we come back.
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we have updated our intelligence assessment of iran's missile programs. which emphasizes the threat posed by iran's short and medium-range missiles which are capable of reaching europe. this new ballistic missile defense program will best address the threat posed by iran's ongoing ballistic missile defense program. >> last week, you had a senior defense administration official crowing before the house armed services committee oh, we are going to have a missile defense system to cover all of europe, and additional protection for the united states by 2018 and being proud of that. you go okay, we'll have a defense by 2018. and they are going to have a missile by 2015, this is what the administration is not saying. what 2015 basically means we are living inside the margin of error. >> bret: well, a new defense department report says just that, that iran could have an intercontinue then tall ballistic missile -- intercontinental ballistic missile capable of hitting the u.s. by 2015.
they had a rocket test in 2010, you may remember. they put up a rocket and it was successful in iran. the first sound bite you heard was the president explaining the new intelligence assessment after the decision to scrap missile defense plans in poland and the czech republic in september. what about this new report and all the things in it? bring in the panel. fred barnes, executive editor of "the weekly standard." stoddard, associate editor of "the hill" and syndicated columnist charles krauthammer. charles? >> it looks like we're back to an estimate of 2015. that is what the bush administration said that iran would go intercontinue then tall by 2012, 2015. a month ago, the obama administration issued national intelligence estimate all of a sudden it revised the assessment and said the old one in the bush administration was too alarmist, this is not going to happen until the second half of the decade, 2015 to 2020. and it was that rationale of the administration used.
the president then used when he unilaterally and abruptly canceled the agreement we had with the pols and the czeches to build a missile defense system that would precisely be designed to shoot down intercontinental rocket from iran headed over to the united states. so that rationale now collapses. it looks as if the iranians are on a faster track. and the rocket test you show, the one in february where iran put up a rocket and satellite in space, that had a mouse on it. you remember at the time, i pointed out that iran is not exactly the leader in rodent research. it was showing its reach in being able to hit any country on earth. that was a two-stage rockrocket. intercontinental you need a three stage to hit the united states. but that is coming. we know it's coming. why the administration would cancel a system in europe that would help us, why it's reducing the number of ground space launches in alaska,
that would shut down a korean rocket, and why it canceled the airborne laze cheselaser, t single most prominent technology for shooting a rocket on its way up, which is much better than shooting it on the way down where it can deploy chaff and a lot of multiple warheads is incomprehensible to me. >> bret: i will say the pentagon, the pentagon officials say that currently in alaska they have the ability to cover the continental u.s. and looking to put a radar site in turk turkey, but it hasn't developed yet either. they say they're covered at the moment with what they have on the ground in alaska. >> they cut down on the number of interceptors constructed. >> bret: a.b. the timing of this report, coming out of the d.o.d. -- this is from a d.i.a., defense intelligence agency. and it comes after defense secretary gates' memo leaked to the "new york times" questioning whether the administration has a long-term iran strategy or policy.
>> right. there was a great move to try to sort of backtrack the assessment that the media interpretation of the gates' memo. the timing of this is interesting, but i would say it puts tremendous pressure on the administration, not only to deal with the sanctions question and how they contain iran nuclear capability, but in this report there is so much information about how much energy and resources iran spent for decades, making african-american w friends with our enemies right now with insurgents and terrorists but all over the world. and i think that there is going to have to be other plans, other tracks in the administration's iran policy, not only to contain the nuclear threat, but to deal with how much they are undermining our efforts and trying to counter our influence in the war zones. they are going to have to make clear what they are doing to stop millions of dollars in the paramilitary exercises and the training that the iranian
revolutionary guard is doing in the war zones and all over the globe. >> bret: to that point, fred, quote from the inclassified report. iran is attempting to procure influence in iraq and afghanistan undermining the u.s. effort bis supporting various political groups providing developmental and humanitarian assistance and furnishing lethal aid to iraqi-shia militants and afghan insurgents. it says the iranian revolutionary guard is not a rogue element. in fact, controlled by the regime. >> of course, what they did was concede someone in the pentagon and the obama administration that it was a rogue force, that the leaders at the top level in iran were not really behind this. now we know they approved everything that went on, all the efforts to kill and stymie americans in iraq and afghanistan. bret, what has happened in the last two days is the utter collapse of the obama administration policy toward iran. first the gates' memo said they had no effective policy
for dealing with if iran does become nuclear or even as assembled the parts for a nuclear weapon. they are not ready to deal with that. that was a gates memo leaked a couple days ago. now this report says they were wrong about how soon a missile, iranian missile could reach the united states. of course, charles said that was the basbasis, basis for their policy of saying the two missile sites in poland and the czech republican were unnecessary. it's clear now that engagement and even sanctions have not worked at all. if anything, since obama came in, the iranians speeded up efforts to have nuclear weapons and undermined america in the america in mast and afghanistan. >> bret: charles, what do you say to folks who say listen we heard intelligence reports before, in lead up to iraq that were not accurate.
why believe this one? >> we have long list of intelligence reports inaccurate, but one exclusion is they underestimated the speed of iraq nukes. underestimated russia in the late '40s, underestimated in china, india, pakistan. always under estimate. in the gulf war in 1991, we had no idea that saddam had active nuke programs and we discovered it after the war to our surprise and our horror. so generally speaking on history is under estimating. yes, of course, it's inaccurate. but from looking back and into the future, generally speaking it's underestimate with the glaring exception of, of course, of the mass destruction in -- weapons of mass destruction in iraq. if you get report after report that indicates iran is working on the intercontinue th -- intercontinental missile, watch them in testing they
are announcing we're on our way. it would deny reality to deny it will happen and rather quickly. >> bret: read more about iran nuclear program on our home page at foxnews.com/specialreport. the panel discusses the president's plan for new financial regulations in three minutes. [ male announcer ] we call it the american renewal. because ge capital understands what businesses need to grow. that's why today ge capital provides critical financing to more than 300,000 growing companies. ♪
the leader of the republicans and the chair of the senate campaign committee met with two dozen top wall street executives to talk about how to block progress on the issue. >> the president criticized me on the weekly radio address as the deputies worked to strip the very provision i called in question a few days before. well, they can't have it both
ways. >> bret: the back and forth there. the provision is a $50 billion fund for essentially bail-outs. senator shelby and senator dodd we're told are close to a deal that would bring republicans on board and alter the bill. back with the panel. a.b., first talk about the bill and the prospects for passage and where we are here. >> i think the republicans are actually back to negotiate with democrats because i don't think they have a winning hand. i'll disagree with the panel here. i think they want it off the tape and they're smart to get it off the table, vote it away and neutralize the issue for democrats who want to drag it out all year and see a win. democrats have been gratuitously political about this and they can overdo it with too much regulation that will affect jobs. and effect the competition.
really, get this gone for republicans. there is a -- they painted themselveses into a corner. it's time they have -- their members might have signed the first letter with the leader on friday saying we'll hang together on the first filibuster, all 41 of them but some republican senators want to vote for the bill and save face and move on. i think you'll have a deal. >> bret: two others may be. senator corker from tennessee and senator brown from massachusetts. senator brown got a call from president obama on air force one today we're told. fred, is there a republican pushback on this, a winning happened as opposed to what a.b. is saying? >> a.b. already told you what i think so i don't have toe lab rate here. >> the democrats don't have a winning hand either. they came up with a bill that didn't do what the people want. they want one thing, have banks not too big to fail. if they failed there would be
bail-out in washington. you have to strip it from the bill. there are other bad things in the bill, too but the public cares about that. to get the fund out, the best explanation was by tim geithner, the treasury secretary in obama administration who said if we have that it will create the impression on banks and wall street they're too big to fail and at the end of the day, if they are have trouble, they can come to washington to get bail-out fund. that's why geithner wanted it out of there. so did mitch mcconnell. the politics on this, i don't think either side was winning. this is what particularly happened. democrats thought they had a great issue. not now. it's not great issue for republicans but not for democrats either. >> bret: secretary geithner conceded that fannie and freddie, any changes there is not in the bill huh he claims will be taken up soon
afterwards. >> that is $380 billion that pay be needed in a bail-out. >> bret: charles? >> what is so ironic about this, it doesn't really matter in the end what is in the bill. you can structure it anyway you want even if you have a fund of $50 billion. that won't make a difference. we saw in october 2008 that you needed hundreds of billions, trillions from the fed to bail out the system. so that is only a thimble. the point is everybody understands if the financial system is at risk, major institution is about to drag the rest down, the feds will intervene no matter what is in the bill or no matter what anybody says today. text of the bill is irrelevant. it happened in 2008 and no government will allow the collapse of the banking system. so it's because of our recent history that everybody understands a bail-out will happen one way or the other. all the arguing over the details is really a matter of
positioning. in the end, i think a.b. is right. this is all about that the elections, upcoming elections. obama wants a narrative where he says yes, i haven't attacked unemployment but i gave you healthcare and i'm attacking wall street. a hand republicans ought to settle and put it behind them. >> the bill does matter. wait. if you put stuff in there the republicans want, which would be to break up the big banks. 60% of the bank assets in america are in ten banks. you break them up by stripping away the services they can't do anymore. and set the high reserve requirements and they can't be too big to fail. that's what you do. >> bret: finally, the goldman sachs issue in ten seconds. white house council, former white house counsel greg craig hired by goldman sachs to defend them in all of this. big irony? >> irony. revenge is a dish best served
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>> bret: finally tonight, the ash cloud from that volcano in iceland caused major problems for flights all over europe stranding tens of thousands of people. it's a really big story. the official name of that volcano is tough. >> >> the name of the volcano. >> the. >> eyjafjallajokull. >> fiddle faddle banana ramah show no, sir signs of abating.